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Changes to funds

Here you’ll find a timeline of changes that have occurred across Schroders’ fund range for the past eight years including fund manager appointments, fund mergers, changes to objectives and name changes.

Subsequently on 2 July 2018, the name of the Company was changed to Baillie Gifford UK Growth Fund plc. At this time, SUTL still remains as the ISA plan manager in relation to the Company’s ISA but going forward SUTL is no longer able to hold the Company within the Schroders ISA. Investment Trust ISA holders should review the attached documents to assess the options available to them.

Distribution share class names will incorporate some additional characters at the end of the existing name which will enable users to identify certain characteristics of the share class that are not currently distinguished within the name, for example, distribution frequency.

With effect from 25 May 2018, the Fund’s target return objective will change from income and capital growth in excess of 3 Month Treasury Bills to income and capital growth in excess of 3 Month LIBOR. The change is being made because the reference index used by the Fund to track its performance target has been discontinued by the vendor and we consider that 3 Month LIBOR is a suitable replacement

From 14 May 2018 the fund will be managed by a different portfolio manager from our European investment team and it will be renamed Schroder European Recovery Fund. The fund’s investment policy will be amended to reflect a change of investment style.

The fund will from the date above adopt a “recovery” investment style which focuses on companies that the investment manager believes are undervalued relative to their long-term earnings potential.

We have been reviewing our fund documentation to ensure that it continues to reflect best practice in the market. As a part of this process, we have made changes to the investment objective and policy wording for the UK funds listed to the left.

What’s changed?

The amendments aim to make the language used consistent across our UK fund range. There are no changes to the way each fund is managed and these changes do not impact any existing holdings.

Do I need to do anything?

No, you will simply see updated wording in your fund documentation.

Which funds are affected?

The objective and policy wording for the following funds was revised on 23 October 2017 and the Schroder Institutional, Schroder Intermediary and Schroder Investment Fund Company prospectuses have been updated accordingly.

On 1 July 2017 the benchmark of the Schroder All Maturities Corporate Bond Fund changed from the Bank of America Merrill Lynch Sterling Non Gilts - All Stocks (GBP) to the Bank of America Merrill Lynch Sterling Non Gilts (GBP).

Why has it changed?

The previous benchmark was discontinued by Merrill Lynch.

1 July 2017

Schroder Long Dated Corporate Bond Fund

Change of benchmark:

On 1 July 2017 the benchmark of the Schroder Long Dated Corporate Bond Fund changed from the Bank of America Merrill Lynch Sterling Non Gilts - All Stocks (15+ Y) (GBP) to the Bank of America Merrill Lynch 15+ Year Sterling Non-Gilt Index (GBP).

Why has it changed?

The previous benchmark was discontinued by Merrill Lynch.

1 July 2017

SARFCO* UK Dynamic Absolute Return Fund

Paul Marriage and John Warren, the managers of the fund, have decided to leave Schroders’ employment to pursue a personal ambition to start their own business. They are expected to leave Schroders in the fourth quarter of 2017, with our agreement.

Paul and John are setting up Tellworth Investments LLP with BennBridge, a boutique fund manager platform. BennBridge will become the investment manager of the fund when Paul and John leave Schroders, subject to regulatory approval and due diligence. Paul and John will continue to manage the fund. The investment objectives of the fund will not change as a result.

Schroders is delighted that it will be able to continue the successful relationship with Paul and John while enabling them to pursue their personal ambition of starting their own company. This will enable our clients to remain fully invested in the fund with no substantive change of manager or investment process.

We remain fully committed to our clients and look forward to working with John, Paul and the team at BennBridge in the future.

*Schroder Absolute Return Fund Company

Q4 2017

Schroder UK Dynamic Smaller Companies Fund

Paul Marriage and John Warren have decided to leave Schroders’ employment to pursue a personal ambition to start their own business. They are expected to leave Schroders in the fourth quarter of 2017.

The Schroder UK Dynamic Smaller Companies Fund will continue to be managed by Schroders. Schroders has a deep pool of talent across the UK and European Equities business and replacement managers will be announced shortly. In the interim the fund will continue to be managed by Paul and John.

Q4 2017

All UK Bond Funds

Changes to Tax Treatment of Interest Distributions from 6 April 2017

What’s changed?

With effect from 6th April 2017, UK bond funds will now pay or accumulate interest distributions gross (i.e. without deduction of income tax) to all investors. Prior to this date there was a requirement to determine whether investors were entitled to receive distributions gross or net of tax.

What does this mean for me?

If you are an investor in a UK bond fund and you are a non-taxpayer, this should make things easier for you as you will no longer have to reclaim tax withheld on interest distributions from HMRC.

Investors who are entitled to the Personal Savings Allowance (£1,000 for basic rate taxpayers and £500 for higher rate taxpayers) will not owe any tax on interest distributions up to this amount (taken in aggregate with other sources of interest) and may not need to file a tax return simply to declare their interest income, although if you currently file a self assessment tax return for other purposes, you should continue to do so.

If you do not currently file a tax return and tax is due, get in touch with HMRC and register for a personal tax account. HMRC can also collect any unpaid tax via PAYE coding adjustments.

Do I need to do anything?

No, this has all happened automatically.

Where can I find out more?

If you would like to know more, visit www.gov.uk/hmrc. We are unable to provide any advice on your individual circumstances. Should you need any advice, we recommend that you speak to your financial or tax adviser.

6 April 2017

Schroder Absolute Return Bond Fund

Schroder All Maturities Index Linked Bond Fund

Schroder Asian Alpha Plus

Schroder Asian Income Fund

Schroder Asian Income Maximiser

Schroder European Fund

Schroder Global Equity Fund

Schroder Global Equity Income Fund

Schroder Global Multi-Asset Income Fund

Schroder Institutional Growth Fund

Schroder Managed Wealth Portfolio

Schroder Recovery Fund

Schroder Strategic Bond Fund

Schroder UK Equity Fund

Schroder UK Mid 250 Fund

Fund Objective and Policy Changes:

We are currently reviewing our fund documentation to ensure that it continues to reflect best practice in the market. As a part of this process, we are making changes to our UK funds’ investment objective and policy wording of. The review process is likely to be completed over the next six months.

What’s changing?

The amendments aim to make the language used consistent across our UK fund range. There will no changes to the way each fund is managed and these changes will not impact any existing holdings.

Do I need to do anything?

No, you will simply see updated wording in your fund documentation.

Which funds are affected?

The objective and policy wording for the funds listed to the left were revised on 5 April 2017 and the Schroder Institutional and Intermediary prospectuses have been updated accordingly and can be viewed here:

In its recent paper discussing smarter consumer communications, the FCA have removed the requirement to produce the half-yearly short report from November 22, 2016, deeming the short report to be an ineffective method of communicating to unitholders. Following this ruling, we will cease to produce short reports for all accounting periods ending after January 1, 2017. The long form report and accounts will continue to be available on request or can be downloaded from the website at www.schroders.co.uk. The Prospectus, Key Investor Information Document and Fund Factsheet contain additional useful unitholder information and are also available upon request or can be downloaded from the website.

1 January 2017

Fund name

Action

Effective date

SVG Capital plc

Tender offer by HarbourVest Structured Solutions III L.P.

Subject to shareholder approval, the Company has signed an asset transfer deed for the sale of 100% of its investment portfolio to HarbourVest Structured Solutions III L.P.

The team of people responsible for managing the yield and structuring the call option overlay of Schroder Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management.

As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders.

The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Nick Kirrage and Kevin Murphy.

26 July 2016

Schroder Asian Income Maximiser

Change in fund management team

The team of people responsible for managing the yield and structuring the call option overlay of Schroder Asian Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management.

As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders.

The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Richard Sennitt.

26 July 2016

Schroder Asian Alpha Plus Fund

Conversion from a non-UCITS retail fund to a UCITS fund

As from 1 April 2016, Schroder Asian Alpha Plus Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change.

Schroder Core UK Equity Fund, a sub-fund of Schroder Investment Fund Company, currently aims to achieve long term capital and income growth through investment primarily in the United Kingdom. The fund has followed an investment approach based around the business cycle, where the managers attempt to identify turning points in the cycle and then focus on the types of companies they believe will benefit from it. The investment team has decided that the fund will now move away from business cycle investing and towards a core bottom up investment approach.

The change does not require an amendment to the fund’s investment objective and policy but the Key investor information document has been revised to reflect this change in approach.

22 February 2016

Schroder Global Property Income Maximiser

Proposal to change the name and the investment objective and policy of Schroder Global Property Income Maximiser (the Fund).

The proposal to merge Schroder Japan Alpha Plus Fund into Schroder Tokyo Fund was approved by unitholders at unitholder meeting held on 22 January 2016.

Schroder Japan Alpha Plus Fund will be merged into Schroder Tokyo Fund by way of a scheme of arrangement on 29 January 2016. Schroder Japan Alpha Plus Fund will then be wound up. The merger will provide unitholders with the benefit of economies of scale brought about through the management of a larger pool of assets.

Schroder Institutional International Bond Fund was closed on 29 January 2016 as it was no longer economically viable due to its size.

29/01/2016

Schroder Global Property Securities Fund

Name change 19th February 2016

The fund’s name will change from Schroder Global Property Securities Fund to Schroder Global Real Estate Securities Fund on 19 February 2016. The adoption of “Real Estate” in the fund’s name is because this term is now more widely recognised and used in the sector than “Property".

Change of benchmarkAs from 1 October 2015, Schroder Asian Alpha Plus Fund’s benchmark will be changed from the MSCI AC Far East ex Japan (NDR) Index to the MSCI AC Asia ex Japan (NDR) Index. The Fund’s benchmark provides a standard against which the performance of a fund can be measured. We believe that the new benchmark is a better comparator for the Fund’s performance as it includes India, the second biggest market economy in the region. The adoption of the benchmark does not impact the way in which the Fund is managed.

01/10/2015

Schroder Managed Balanced Fund

Conversion from a non-UCITS retail fund to a UCITS fundAs from 1 December 2015, Schroder Managed Balanced Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change.

The investment objective and policy for the Schroder European Alpha Plus Fund was amended from 2 January 2015. The change clarified how the fund is managed. The change did not impact existing holdings in the fund.

The investment objective and policy for the Schroder European Alpha Income Fund, a sub-fund of Schroder Investment Fund Company, was amended from 2 January 2015. The change clarified how the fund is managed. The change did not impact existing holdings in the fund.

Philip Matthews is now Fund Manager for the fund with immediate effect

30/10/2014

Schroder UK Absolute Target Fund

Steve Cordell lead manager of the Schroder UK Absolute Target Fund

Following the announced departure of Julie Dean from Schroders, Steve Cordell will continue to manage the Schroder UK Absolute Target Fund as lead manager.

Steve is a senior member of the Pan-European equity team with over 20 years investment experience. In addition to being the manager of the Schroder UK Absolute Target Fund manages Schroder ISF* European Equity Absolute Return, Schroder ISF* European Opportunities and Schroder ISF* European Equity ex UK.

In order to integrate the two firms, we are making a number of changes to our combined business and fund range. The purpose of this brochure is to describe to you what those changes are and how they may impact you as an investor. These include changes to fund names, fees and share/unit classes.

Fund name

Action

Effective date

Schroder Secure Distribution 2032 Fund

Fund closed

30/06/2014

Schroder Moorgate II Fund

The valuation point changed from 12.05pm to 12.00pm

24/03/2014

Former Cazenove Multi-Manager Fund range

The valuation point for changed from 12.05pm to 12.00pm

24/03/2014

Former Cazenove Multi-Manager Fund range

These funds have been renamed with the prefix "Schroder MM". Full details of the fund name changes are shown above.

24/03/2014

*Cazenove UK Smaller Companies Fund

Fund closed

22/01/2014

**Cazenove Absolute UK Dynamic Fund

Fund closed

06/11/2013

Action

Effective date

The ISA Plan Manager for Schroders has changed from Schroder Investments Limited to Schroder Unit Trusts Limited (whose registered office is 31 Gresham Street, London EC2V 7QA) as part of a bulk transfer in accordance with the ISA Regulations. We can assure you that the change of your ISA Plan Manager has no impact on the way your investment will be managed and is part of a process to simplify operations. There are no changes to investors' terms & conditions or to the Schroders contact details.

Introduction of a de minimis distribution amount. This means that if the income amount calculated to be distributed is below £250 per unit class, the income may be withheld and carried forward to the next distribution date.